Following mixed financial results in the first quarter of fiscal year 2022, GameStop said that it is upgrading its digital asset wallet, with intentions to enable transactions on its planned GameStop non-fungible token (NFT) marketplace when it launches in the second fiscal quarter.
Gamers and others may now store, transmit, receive, and use crypto and NFT across decentralised apps thanks to GameStop’s digital asset wallet. GameStop might increase its part of this potential market by launching its own NFT marketplace, of which a test version is currently available.
This form is open to NFT creators who want to sign up ahead of time for the upcoming launch.
Matt Furlong, CEO of GameStop, said on the first-quarter earnings call that the firm was committed to launching new items that were aligned with the long-term future of gaming.
“During Q1, we specifically focused on two main areas: continuing to rebuild and strengthen our commerce business after years of underinvestment, and pursuing growth opportunities in the cryptocurrency, NFT, and Web3 gaming protocols,” he said.
The store posted mixed first-quarter financial results, aided in part by the sale of IMX tokens gained from its partner, NFTs scaling solution provider Immutable.
According to figures from GameStop, in the first quarter of the fiscal year 2022, which concluded on April 30, the store recorded net sales of USD 1.378 billion, up 7.9% from USD 1.277 billion in the prior year’s first quarter.
At the same time, the US company’s operational deficit increased to USD 153.7 million, nearly quadrupling from USD 40.8 million in the first quarter of the fiscal year 2021.
GameStop also stated that the previous quarter enabled it to continue employing people with experience in fields such as blockchain gaming, among other things.
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